Juventus slips in the stock market after 'lightning' 97.8 million capital increase
The share price falls to its lowest level since February and is in line with the share issue price set at EUR 2.58 per share at the conclusion of the placement
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(Il Sole 24 Ore Radiocor) - The share price of Juventus Fc slipped at Piazza Affari, after the €97.8 million "lightning" capital increase concluded this morning. The share price was aligned with the share issue price set at EUR 2.58 per share at the end of the placement (a 4.8% discount on the closing price on the eve of the transaction), returning to the levels of 20 February, when it had dropped 12% after the Bianconeri team's elimination from the Champions League.
In detail, the company completed the placement reserved for institutional investors through accelerated bookbuilding of 37,912,181 ordinary shares, representing approximately 9.1% of the capital. Exor, the controlling shareholder with 65.4% of the capital, fully subscribed its share, as did Tether (11.5%), while institutional investors took up approximately 8.8 million shares. Following the transaction - aimed at strengthening the capital structure and supporting the new Strategic Plan - the share capital will increase to 417 million ordinary shares.
"The capital increase is part of the path of financial rebalancing of Juventus, aimed at supporting sports investments, strengthening the brand and gradually reducing debt," write Intermonte's analysts, explaining that from Exor's point of view, "the operation does not significantly alter the overall economic commitment", as Juventus weighs about 2% of the Nav (net asset value) of the Agnelli-Elkann family holding company. The capital injection 'is therefore marginal in the context of the holding company's portfolio'. Moreover, 'the pro-quota participation by Exor was expected and consistent with the preservation of control and the desire to avoid any dilution'. Exor's stock was stable at €70.4 in Amsterdam. Intermonte confirmed its 'Outperform' rating with a target price of €130. Exor is currently trading at a discount of about 50% on the Nav, which "we believe is excessive with respect to the quality and diversification of the portfolio, despite the complex macroeconomic context".
